- Asia stock markets plunge after US shares tumbled
- In Japan, the Nikkei 225 and Topix indexes were both down by almost 13% in afternoon trade
- It comes after weak jobs data in the US on Friday sparked concerns about weakness in the world’s largest economy
Asia stock markets plunge after US shares tumbled
Asian markets took a major hit on Monday, mirroring sharp declines seen worldwide last week. Japan’s Nikkei 225 and Topix indexes dropped nearly 13% as weak US jobs data fueled worries about the global economy. The yen’s recent 9% rise against the US dollar, following the Bank of Japan’s interest rate hike, has made Japanese stocks more costly for foreign investors, particularly hurting exporters.
In other Asian markets, Taiwan’s index and South Korea’s Kospi both fell over 8%. Australia’s S&P/ASX 200 declined by 3.6%, India’s NSE Nifty 50 was down 1.8%, and Hong Kong’s Hang Seng dropped 1.4%. The Shanghai Stock Exchange remained stable.
Cryptocurrencies also suffered, with Bitcoin falling to just above $53,000. In the US, markets reacted negatively to disappointing July jobs data, with major indexes like the Nasdaq and S&P 500 experiencing significant declines. Concerns over potential economic slowdown and high borrowing costs continue to unsettle investors.